A Simple Guide on Exchanging USD to Ripple

What is Ripple?

Ripple’s main focus is to make a global settlement network that ensures efficient transactions int eh world’s financial institution. It’s designed to help users transfer money and convert to any currency within seconds.

Before we proceed, we need to point out that Ripple is a term that's used interchangeably, and usually incorrectly, to refer to multiple things.

• Ripple: Ripple is a US-based technology company that creates the Ripple network and payment protocol. Previously named Open Coin, it was then changed to Ripple Labs before it became Ripple in 2015.

• Ripple Net: Ripple Net is a network of international payment providers. It connects different payment providers, corporate entities, and accepts both fiat and cryptocurrencies.

• XRP: XRP is the ticker symbol and currency name of Ripple. It acts as a bridge between the bridge between two transferring currencies and acts as a form of liquidity if necessary. XRP uses the XRP Ledger, which uses blockchain technology and runs on a peer-to-peer network.

How Can I Exchange USD to Ripple?

There are two ways you can obtain Ripple - either through using a debit card with a verified bank or via an exchange. While obtaining Ripple through USD is the easiest method, not all exchanges will have this option.

Also, the exchange rates aren't that good. You can buy Ripple by using another cryptocurrency (i.,e. Bitcoin) and then buy Ripple via an exchange. But for the sake of this guide, we're going to teach you how to exchange‌ USD to Ripple.

According to Ripple’s website, you can buy Ripple through cash or credit card. Here’s how you can get started:

1. Start by making a Bitstamp account and create the required information - your username and password will be sent to you via email.

2. With the username and password that's provided, log onto your account and change the password. We suggest that you include a two-factor authentication option for extra security.

3. Then, verify your account by filling in the required ID information. You can upload documents that meet the requirements. After that, hit the "Submit Verification Request" button.

4. Once you are verified, go to your account and press the "deposit" button. This is where you can select what bank transfer method you want to use.

5. Press “international wire transfer” and fill out the required information.

6. Then, you can use Bitstamp’s banking details to exchange USD to Ripple.

7. Once your bank funds are transferred to Bitstamp, press the market that you want to exchange (i.e., USD > XRP or XRP to USD). Then, press the buy/sell button and press "Buy XRP."

8. Enter the desired amount that you'd want to buy in the "Spend" box and press "Buy XRP."

9. XRP is added to your total balance in your Bistamp account.

Conclusion

In conclusion, we believe that you can exchange USD to Ripple once you have a verified bank account and some disposable income. By doing this, you’ll be able to buy Ripple and use it to buy products and services internationally at instant speeds (in comparison to 3-5 days using traditional banks). To fully utilize Ripple, check the conversion rates to ensure you’re getting it at the right price.

Do you have any questions on converting your USD to Ripple?

Tell us in the comments below!

This article does not necessarily reflect the opinions of the editors or management of EconoTimes